What to do next
Check whether a condition actually applies
Financing, inspection and status-certificate conditions are exits only if unfulfilled and properly invoked within the stated period. Once waived, they are gone. Read the waiver dates before anything else.
Have your lawyer put the other side on notice
A formal demand that they close, tendering your own performance, preserves your position. Failing to tender can weaken a later claim.
Understand the remedies
Sellers can generally keep the deposit and claim the shortfall plus carrying costs if the property resells for less. Buyers can seek specific performance or damages. Both are real, and both are expensive to litigate.
Consider the commercial settlement
Most failed closings settle on the deposit plus some contribution. Litigating to judgment often costs more than the gap being fought over — get the numbers modelled before committing.
Frequently asked questions
Can a buyer just forfeit the deposit and walk?
Not necessarily. The deposit is not automatically the limit of liability — a seller can also claim the shortfall on resale and carrying costs.
Can I force a seller to sell?
Specific performance is available for land because each property is treated as unique, though courts consider whether damages would be adequate. It is a genuine remedy, not a threat.
What if my financing fell through after I waived the condition?
That is the hardest position to be in — the waiver removed your exit. Get advice immediately; mitigation and prompt negotiation matter more than argument.
Who holds the deposit?
Usually the listing brokerage in trust. It cannot be released without both parties' direction or a court order, which is often what forces a settlement.
This is general information, not legal advice. Laws vary by location and every situation is different — speak with a qualified lawyer about your specific circumstances.